Prime Minister Narendra Modi has asked all ministries and departments to further simplify compliance burden for industry, finance minister Nirmala Sitharaman said on Wednesday as she exhorted India Inc to take risks and ramp up capacities to create job opportunities and cut dependence on imports. employment

       “I would strongly appeal to Indian industry that you shouldn't further delay looking at increasing capacities...looking at newer areas evolving, shouldn't delay in finding partners who can give you such technology,” Sitharaman said at the CII Global Economic Policy Summit 2021.

       The industry should be a “lot more risk taking” and step forward to give additional impetus to India’s growth as the country is looking at a “healthy” growth, Sitharaman said.

       She also appealed the industry to offer jobs and reduce income disparity. The industry must also emphasise on cutting down import of finished goods and focus on ramping up investment in manufacturing, Sitharaman said in her address.

       Sitharaman said that Prime Minister Narendra Modi has asked all ministers to identify compliance burdens for industry in their respective ministries and departments, and simplify them.

       The government’s intention is to remove obstacles for the industry, and it won't just stop by doing away with about 1,500 archaic laws, she said.

       Sitharaman also said that the banking sector has “remarkably” turned around, and non-performing assets have started declining along with higher recoveries. She added that public sector banks have raised Rs 10,000 crore from the market, and are not looking at the government to fund them.

       In three weeks ending Diwali, banks have collectively lent Rs 75,000 crore to four to five different categories through the credit outreach program, she said.

       “India has shown the world that it is possible for a developing country to quickly recover and grow at near double digit (rate),” she said.

       India is moving towards solar and renewable sources of energy, and this target can be achieved only if all stakeholders are committed towards meeting this goal. Even as there is no additional demand, India’s fossil fuel bills are going up as crude oil prices have increased substantially, she said. There are no convincing signs visible that prices will fall, she added.